Dar Global, a Dubai-based luxury property developer listed on the London Stock Exchange, has partnered with The Trump Organization to bring the Trump Tower to Jeddah’s skyline.
This is Trump’s second collaboration, following last week’s announcement of the Trump International Oman project within the AIDA development, a $500 million mixed-use real estate project.
The Saudi project also marks the company’s debut in Jeddah, where it has previously operated primarily as the global arm of Saudi Arabia’s largest developer, Dar Al Arkan. According to Dar Global, Trump’s development is aimed at the Saudi luxury market and international investors.
Dar Global, which was listed on the London Stock Exchange (LSE) in February, now has a portfolio pipeline worth $5.9 billion, with nearly half of that allocated to projects in the GCC, according to CEO Ziad El Chaar.
In an interview with Zawya last month, El Chaar spoke at length about the company’s plans to expand in the Saudi market. “Saudi is a market we are actively expanding into, where we will facilitate the international buyer who is looking to invest in the kingdom,” he said while denying that it would cannibalize the market share of its parent company.